Leasing

A car lease is a long-term rental agreement over a fixed tenor, with the option to buy the vehicle at a predetermined price, known as the residual value, at the end of the lease period. The ownership of the vehicle, throughout the lease tenor, remains with the Lessor. A car loan, on the other hand, involves borrowing money for acquisition of a vehicle. Ownership of the vehicle lies with the borrower with a lien, also known as ‘Gage Sans Deplacement’, by the lender.

MauBank offers leasing options for both reconditioned and second-hand vehicles. For vehicles that are less than 5 years, the maximum lease tenor is up to 60 months (5 years).

For vehicles above 5 years, the tenor will depend on the year of the vehicle. At the end of the lease period, the vehicle should not exceed 10 years.

At the end of the lease term, once the residual value is paid, the Bank shall issue the necessary documents for the transfer of ownership of the vehicle to the Lessee’s name

No, you do not need to be an existing MauBank customer to apply for a car lease. MauBank accepts applications from both new and existing customers, including salaried individuals, self-employed persons, SMEs, and corporates. However, if you are not currently a MauBank customer, you will be required to open an account with the bank once the lease facility is approved.

To apply, you can visit your nearest MauBank Business Centre or liaise with one of our dedicated Relationship Managers of the Leasing Unit. Salaried individuals may also use the online application platform available on the MauBank website. The online application allows you to check your eligibility and receive an in-principle approval within minutes.

You may terminate your car lease with MauBank before the agreed terms. However, it is important to note that early termination may involve certain financial implications.